We are cautious now, markets are fully valued: S Naren of ICICI Pru AMC

Rising crude oil prices, sliding rupee and the crisis at IL&FS have kept the markets on tenterhooks since the past few weeks. S Naren, executive director & chief investment officer (CIO), ICICI Prudential AMC tells Puneet Wadhwa that on a valuation basis, large-caps continue to remain attractive over mid/small-caps. Edited excerpts:

What is your reading of how the markets have performed over the past few weeks? Are you facing redemption pressures in any of your schemes?

Besides the rise in crude oil prices and rupee depreciation, from a global environment standpoint, interest rates too are rising. Case in point is